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20130326
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out and do these things they will talk about putting this tax on deposits, what happens from there? what's the fallout? imean that's a big deal? >> well, i think capital controls at this point is inevitable because even if, even if there is a deal, unless you have capital controls, there is going to be a massive is run on these banks the minute they open. but again, i mean we need to look at what is the alternative here? if you don't do the levy over 100,000 euros, you know, you are going to have a risk of the collapsing of all of these banks, in which case, not only the insured but also the uninsured depositers lose much more because the reality is in cyprus, the level of insured depositers is 180% of gdp which means that unless there is a deal, both insured and uninsured deposits basically evaporate. melissa: okay. lance, let's talk about what are the other options. >> sure. melissa: you talk why has the e.u. not gotten involved? is it their best interest to get involved? because if they don't, doesn't it mean russia sinks their hooks even further into this island nation? they wo
kind of tax or sees sure of deposits. if approved it could give everyone in the country a bit of relief. basically insuring what is being proposed in cyprus really can not happen here. joining me with details is the cosponsor of the resolution, republican congressman tom coal from oklahoma. congressman, thanks for coming on the show. >> thank you. melissa: do we really need a resolution to protect us from this? is there a danger this would happen, do you think? >> people in cyprus probably thought the same thing a couple days before it happened. do we really need to worry about this? i think we ought to make sure. and look, i don't think it would happen, i will be honest with you. i think, most of our regulators understand how counter productive this is, how it will destroy confidence. it will give people not to put money in safe places like banks. but we ought to reassure people and ought to send an unmistakeable sign to our own bureaucracy, that congress wouldn't tolerate something like that. melissa: has there been talk doing something like this or could you see it happening? i have
a chain reaction around the world. the european nation wants to tax all bank deposits up to 10% in order to secure a $13 billion bailout for the government. this move is unprecedented, it would basically allow the government to skim the bank accounts of every single person who makes a deposit into a cyprus bank account. if that is not enoug the country has closed all banks until thursday so if the decision is made there will not be anything anybody can do if they have money in the bank. now the world is bracing and waiting. what you should do with your money and with the impact could be. so excited to have you on tonight. university of chicago professor. what a team. t me start with you because i want you to set the scene for us because some people hear this and i think of cyprus is a tiny island, who cares. this could set off a chain reaction around the world, tell me why. >> if you have your bank deposits in another country that is shaky, italy, spain, portugal, and greece, you will say in my the next in line? so what we will be looking for over the next week or at any time or attentio
, states finally saved enough tax revenue for a rainy day. why are they preparing for a huge spending binge? how taxpayers could be soaked coming up. more "money" coming up. ♪ it's monday. a brand new start. your chance to rise and shine. with centurylink as your trusted technology partner, with our visionary cloud infrastructure, global broadband network and custom communications solutions, your business is more reliable - secure - agile. and with responsive, dedicated support, we help you shine every day of the week. it's part of what you slove about her.essing. but your erectile dysfunction - you know, that could be a question of blood flow. alis tadalafil for daily use helps you be ready anytime the moment's right. you can be more confident in your ability to be ready. and the same cialis is the only daily ed tlet approved to treat ed and symptoms of bph, like needing to go frequently or urgently. tell your doctorbout all your medical conditions and medications, and ask if your heart is healthy enough for sexual activity. do not take cialis if you take nitrates for chest pn, as this m
, frankly, stop taxes, stop regulations, fewer lawsuits, let's help get small business out of the hole they are in, and it's just a classic example of how very little most of our elected officials understand how a business, a small business is run in america. that's just too bad. neil: all right. we'll watch closely. thank you, all, for your help today. we'll keep a close eye on all the developments and the president's trip and whether this economy is going to go up. tomorrow, a lookat numbers you don't really quite see all the . melissa: i'm melissa francis and here's what's "money" tonight of the as we speak setting themselves up for a run on the bank. cypriot banks closed until next tuesday. people are scrambling to get as much as they can from atms. should you be worried about your money in the bank right now? we'll we'll find out from today's power panel. plus billionaire's take on the pulse of the economy and consumers. landry's is one of the country's largest estaurant and gammably companies. he is here to tell us where he sees the biggest headwinds and opportunities right now.
. if tomorrow you wake up and you find there is a 10% tax on your bank deposits, you will not be happy. if you're a politician in cyprus you're dealing with this and they're bank backing away from it. it was a bad idea in the first place. cyprus needs $10 billion from the european union and the european central bank and they have given others like greece hundreds of billions of dollars. so they're upset. the cypriot banks are insolvent. they're going, they will get a run. melissa: they are insolvent and they will get a run, yeah. >> but it's not cyprus's fault in my view. melissa: doesn't matter whose fault it is if it happens. julia, what is the outcome? what is the domino effect? which if there is a run on the banks there which there certainly will be, should i withdraw money from my bank here? >> no, i don't think so. the structure of the cypriot problem was quite unique the bank assets in cyprus are something like 730% of the country's gdp. it really is is a safe haven for russian investors. that is why when they needed money, there is always going to be some burden-sharing in a bailout. w
're not anti-immigrant just somebody on a diet is anti-food is regulation. john: but they pay taxes and don't coect welfare. >> the cost of illegal immigration last year was $113 billion in spee areas of health care, education and incarceration. john: you don't include the cost of paying taxes and starting google. >> here we are with libertarians the focal point* is limited government chaldean rejected thinking and be careful what you ask for the new push for an -- amnesty because the overwhelming majority is %-pendent.ee government john: how many are not from the united states? how many would like to be citizens sunday? just a couple. >> we all succeed when they succeed. do we want a skilled immigration yes we need less but it should be skilled. john: that is just half of a @%rcent. >> the city of dallas year after year with. if you have more enforcement which is nonexistent. >> they allow me too to work every single day. john: on that note we are out of time john: we are back with the "students for liberty" conference. how many think you want to go into business when you graduate? may be
. >>> all right we start tonight in cyprus. the parliament rejected the tax on bank deposits, potentially killing the bailout but russia is floating another option, gazprom, which is russia's state-owned oil company, is reportedly offering exploration rights to the island's rich natural gas fields. here to break it down the former im fsec tiff board member and current visiting fellow at the peterson institute for international economics. doug, welcome to the show. >> thanks. melissa: is there a danger to letting russia really get its hooks in cyprus like that? should we be worried about that? >> absolutely. i mean russia already has its hooks, as you put it, in cyprus because the cypriot economy is largely based, if not almost exclusively based on its status as an offshore banking haven and that has been largely at the behest of russian money. now that's an overstatement to some degree but the russians play inordinant influenced role in the cypriot economy. the question i think you're asking is, do we let them take it one step further and whether it is through gazprom or other means of ru
Search Results 0 to 10 of about 11 (some duplicates have been removed)